secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2024-01-24T23:59:59+00:00
Accession:  0000811589-24-000004
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Bancorp Q4 net income $29.7M ($0.72 EPS) down 23% YoY; loan growth 6.1% annualized
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- Net income of $29.7M ($0.72 diluted EPS) vs $38.4M ($1.08) in Q4 2022, a 23% decline.
- Full-year 2023 net income $104.1M ($2.53 EPS) vs $146.9M ($4.12) in 2022, affected by GrandSouth acquisition costs of $13.7M.
- Net interest margin (tax-equivalent) fell to 2.88% from 3.32% a year ago as cost of funds rose to 1.64% from 0.36%.
- Loans grew $123.1M in Q4 (6.1% annualized) to $8.2B; organic loan growth for 2023 was $464.9M (6.0%).
- Credit quality strong: NPA ratio 0.37%, annualized net charge-offs 0.09%, capital ratio 15.54%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000004/0000811589-24-000004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000004/fbnc-20240124.htm
  HTML page:      https://secwatch.observer/filing/0000811589-24-000004

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